The commercial capital o Nigeria, Lagos, has overtaken Kenya’s Nairobi to become Africa’s top startup ecosystem.
This is according to the Global Startup Ecosystem Index 2021’s report, which was released by StartupBlink.
This report ranks Lagos as the 122nd in the world, overtaking Nairobi, Kenya, which now ranks at 136 globally.
StartupBlink is the world’s most widespread startup ecosystem map and research center, working on uncovering the momentum of startup ecosystems around the world and accelerating their growth.
Annually, StartupBlink released the Global Startup Ecosystem Report, ranking the Startup Ecosystems of 1,000 cities and 100 countries to provide free quality information for startup founders for them to make intelligent decisions regarding relocation and the right place to build their startup.
The report is created using hundreds of thousands of data points processed by an algorithm that considers various dozens of parameters, including the number of startups, the domestic market size, and the ease of doing business, among others.
The top-ranked countries, which include United States, United Kingdom, Israel, Canada, and Germany, have all maintained their positions from last year despite the Covid-19 pandemic that adversely affected their economies.
Notably, Israel, which was ranked 3rd from Canada, has maintained its momentum at number 3, and Germany, which took a big leap from 9th position to 5th position in 2020, has also retained its position at number 5.
Apart from the top 5, a notable change is China taking the 7th position, jumping from number 14.
Two years ago, China was part of the top 20, and it is surprising how the country rose into the top 10 in just two years while a country like Brazil dropped from the top 20 positions to now rank 24th in the world.
The United Arab Emirates (UAE) is now ranked 25 in the world and had one of the most impressive ranks increases the year, coming from the 43rd position in 2020.